10.09.2008

Capitalism Has Failed

Our capitalist economic system has failed. Recognizing this, and not willing to be the unthinking arm of tragedy, Cook County sheriff Sheriff Thomas J. Dart is no longer evicting people in foreclosed properties in Chicago.

I would like to meet anyone who says our financial system is working. But in a sense, it is. It's just that the outcome of our current capitalist system is politically unpalatable.

Sheriff Thomas J. Dart's refusal to throw people on the street acknowledges a breakdown of our system of economics and its political implications for the banks. The rhythmic chanting about the marketplace that we've been subjected to for years depends on the enforcement of those mores by society at large.

We, as a society, are no longer willing to adhere to the pure marketplace ideology. The inherent unfairness of allowing bankers and others to make up financial instruments and letting others suffer the consequences is not being tolerated.

This being America, the fancy financial whiz kids can expect to be indicted soon. That will be fun to watch.

So now, following Great Britain's lead, the United States is considering an ownership stake in these wayward banks. NOTE: We are officially Socialists when that happens.

Not that I'm against it. Obviously, we can't let these money guys stray too far from the barn. They can't keep out of trouble. For a group of people who pride themselves on thinking, the financial geniuses need a tutorial on how the world works. They'll find out. All is fine in America until you screw up. And you took capitalism with you this time.

2 comments:

The Lazy Iguana said...

The ironic thing about this is that when The History Channel makes a show about this in 30 years, the legacy will begin with Regan and his massive push for deregulation and smaller government.

Let the fox (bankers) guard the hen house (banking system). Sure! Why not!

No way would the fox get greedy and raid that hen house, knowing that the farmer was just going to put in more chickens. Right???

Mike Licht said...

The big news: Trickle Down Economics and Beer.

See http://notionscapital.wordpress.com/2008/10/28/mccain-economic-policy/